HOW'S THE MARKET?
In case you missed it, here is the big news out of our office this month: On August 1, 2022, Colorado Group Realty was acquired by The Group, Inc. Real Estate, out of Fort Collins. When Colorado Group Realty formed in 1995, the founding agents of Colorado Group Realty modeled themselves after The Group, which had been in practice since 1976. Both The Group and Colorado Group Realty have maintained a close relationship since that time.
Due to the companies’ longstanding relationship with one another, their high standards of ethics, and high levels of productivity, becoming a part of The Group made a lot of sense. “We’re thrilled to become part of The Group,” said Shelley Stanford, CGR’s Employing Broker. “With the vast amount of knowledge, amazing systems, and strong support tools and people, we will have the fortune to pass all that along to our clients. The Group’s culture is amazing—caring and supportive—very much like the culture Colorado Group has thrived on.”
Colorado Group Realty has prided itself on providing legendary customer service in Steamboat Springs for almost 40 years. With this acquisition, the team at 509 Lincoln (formerly-known-as Colorado Group Realty) is poised to make an even larger impact, and excited to provide even better service to our clients (if that’s even possible!).
In addition to the excitement surrounding corporate mergers, the Routt County real estate scene has also been quite active. The residential offerings County-wide sit at 192, up about 8.5% from last month. If you’ve been paying attention, though, this increase in the supply has had an effect on price: the median closed price of a home is down nearly 20% from two months ago. But sellers should not panic yet; the median close price of a home is up nearly 100% since 2019.
The median days in the MLS remain low at six days, meaning there are still decisive buyers out there. There are also quite a few closings, with about 71 closings last month (about average since January 2021). We are inching towards a more balanced market. Currently, we’re at 2.7 months’ of inventory (a balanced market is 6 months).
Whether you’re considering buying or selling—one of our experienced agents is here to help you with any and all of your questions. Give us a call to find out how.
THE LUXURY REAL ESTATE MARKET
According to the National Association of Realtors, around 70% of individuals with a net worth of $5M or more own two or more properties. That number of individuals grew by almost 20% in 2021. Among the greatest impacts that the wealthiest population made on the economy since the pandemic were to real estate and the growth of the luxury home market. The location neutral movement, and a shift in lifestyle centered on the outdoors and wellness, pushed rural communities up in desirability.
Astronomical figures in property sales made headlines across smaller mountain towns. Sales volume for Routt County in 2021 was $1.5B compared to $1.1B in 2020 and $776M in 2019.
The median sold price for a single-family home in Steamboat Springs grew by 86% from $963K in 2018 to $1.7M midyear 2022. Townhomes increased by 147% from $628K to $1.55M in the same timeframe. Average price gains on a luxury home in 2021 increased by 26%.
Land Title Guarantee Co. reported 50% of home purchases in 2021 were cash deals, with the figure rising to 60% at times during 2019. In 2022 the number has fallen to 42.1%. Unlike buyers influenced by interest rates, cash buyers are typically more affected by changes in the stock market.
The exodus from urban areas put Routt County in the spotlight as a relatively affordable option compared to other international ski resorts in Colorado. High-end developments including Alpine Mountain Ranch and Club, Catamount Ranch and Club, Marabou and One Steamboat Place offer exclusivity, and amenities such as private fishing, golf, horseback riding, fitness clubs and trails, which are valued by buyers.
Among the wealthiest of the “millennial” generation, there has been a shift in desire for quality over quantity. They want less square footage in lieu of high-end finishes, home automation technology, sustainable products and state-of-the-art kitchen and bathroom amenities.
Buyers in Routt County want new experiences, access to leisure amenities and a sense of community. Popular features sought after by the luxury home buyer include:
THE SUN CONTINUES TO SHINE IN STEAMBOAT
Sunlight by name, sunny by nature, is the ambience for Sunlight Neighborhood on the edge of downtown Steamboat. The development broke ground in 2017, with the final phase now underway for the last 15 properties.
Set on a 54-acre parcel flanked by open space, Sunlight offers homeowners the best of both worlds. It’s elevated position between downtown and west Steamboat affords views and seclusion, while being within walking distance to town. A partnership between local construction firm JSM Builders, and Vertical Arts Architecture, led to an initial joint venture on over 30 lots within the subdivision, forming the core for the general aesthetic.
As a result, the duo was able to offer semi-custom homes built within a holistic framework. Properties in the center of the initial phases are built on cluster lots with an alleyway to access garages. Rooflines and exteriors are individualized but each home has a streetside porch to encourage a neighborhood feel. “We were able to be very strategic with window placements to enable the best view corridors and privacy,” said Sarah Tiedeken O’Brien, a partner with Vertical Arts Architecture.
Lots on the periphery are larger and steeper, which benefit from views and larger yards, similar to the lots still available in phase three. In the last few years, the subdivision has attracted a mix of families, retired community members and young couples.
As the development grows, the newly-built trails, parks (including one for the resident pups) and friendly sidewalks are a magnet for those who call Sunlight home.
EDUCATION IN STEAMBOAT MOUNTAIN WAY
When a school is named Steamboat Mountain School, there is every indication that the outdoors will play a part in a student’s learning. Started in 1957 by outdoorsman Lowell Whiteman, the private facility has changed names several times, but its core mission remains.
Current enrollment is 160 students, who each receive education tasks based on “perseverance, fitness, craftsmanship, imagination, self-discipline and an opportunity to achieve goals.” Steamboat Mountain School is split over two campuses. One downtown for day pupils in K-8th grade, and a boarding optional campus on 140 acres off County Road 36 in Strawberry Park.
Students hail from all over the country with 10% of the population in high school coming from overseas. High school students have the option to focus on competitive sports through a partnership with the Steamboat Springs Winter Sports Club and Steamboat Springs High School. Schedules are designed to maximize seasonal training and competition time with intensive classwork in summer semesters.
The high school offers an alternative Global Immersion Studies program with students spending four months in four countries on four continents. Their schedules run in harmony with competitive sports students, which affords small class sizes and maximizes learning opportunities.
At the heart of the school is the concept of community. Students are encouraged to engage not only with each other through activities and campfire talks, but the community at large. Their academic week includes physical and outdoor pursuits around the locale, along with weekly community service.
When Lowell Whiteman first started his school, it was a summer camp for boys. Today the coed student body will climb 14-ers, take camping trips and spend a week in the desert together before they graduate. They will learn what it means to be self-sustaining and how to grow from their personal strengths and weaknesses.
The Steamboat Mountain School is a college preparatory school, filled with experiences that have turned students into Olympians, scientists, business leaders and humanitarians.
THE COLORADO GROUP REALTY JOINS THE GROUP REAL ESTATE
We might have a new name, but our faces remain the same. Colorado Group Realty has been acquired by The Group Real Estate, a major force in real estate since 1976. Routt County will be the first location beyond the Northern Colorado region for the Fort Collins-based, employee-owned company.
Both the main office in downtown Steamboat Springs and our second office in Hayden are included in the purchase. Colorado Group Realty has begun transitioning into The Group and will remain a strong partner within the Yampa Valley Community. The CGR Charitable Foundation, which donated over $500K over the last decade to local nonprofits, will continue to fundraise and support the community.
Within the change, 81 agents and 14 staff from Colorado Group Realty are joining The Group. Steve Goldman, former CEO, has stepped down after six years, with Josh Miller, taking over his role. Shelley Stanford, the current Managing Broker, will continue on the management team.
“Every year we get approached multiple times by all the large national franchises that aren’t here and asked if we’re interested in selling,” Goldman said. “The Group is the first time we were interested because we’re so culturally and ethically aligned in how we talk to our clients, our commission plan and the language we use internally – it’s a perfect match.”
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